→ Housing Loan

Housing Loan

In our society, every human being will need his / her own dwelling unit to shelter his/her family. And its every common man’s dream to have a dream home whether outright purchase or construction. 

Here our CITO Nidhi will provide you Housing Loans with attractive interest rates to own your dream home.

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15 Days

Rs. 1Lac - 15Lac 

Loan amount
10 Years

3 yrs - 10 yrs

Period
Interest

PF - 1.50 % + GST

Charges and Fees
Features and Benefits
  • Can be opened by all individuals including Minors under Guardianship
  • Minimum deposit amount can be invested from Rs 500/- and in multiples of Rs 100/-. 
  • Deposit period ranges from 12 months to 60 months
  • For Women Depositors 0.50% and for Senior Citizen Depositors 0.75% Extra interest on above rates
  • Nomination Facility Available, Loan Facility Available.
  • Pre-Mature Closure is allowed, subject to applicable norms.
Terms and Conditions
  • For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month. 
  • A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
  • The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
  • Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
  • Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.
  • All resident Individuals can avail
  • Loan for Construction of New House 
  • Purchase of Independant House or Flat etc.,
  • For home Improvement, Repairs, additional construction, renovation of existing houses/ Flats et.,
  • In principle sanction provided in 3 days subject to the satisfaction Income proof, CIBIL and rating score
  • Pre-Mature Closure is allowed, subject to applicable norms.
  • Loan Period available from 3 years to 10 years with 1 year morotorium for construction loan (Only monthly interest can be paid)
  • Avail Loan upto 80% of the Property value or 140% of Registration value of the property 
  • CIBIL deviation is allowed to avail loan with proper justification.
  • For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month. 
  • A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
  • The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
  • Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
  • Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.

Interest Rates Chart for Different Tenures

Margin15% to 30%
Maximum Repayment Tenor10 Years (Including Holiday Period) - EMI
Maximum Holiday Period (For Construction Loan Only)12 months 
Processing Charges1.50% on Loan Amount + GST
Legal & TechnicalRs 2000/- upto Loan Amount Rs 5.00 LakhsRs 4000/- for Loan Amount above Rs 5.00 lakhsRs 5000/- for Loan Amount above 10.00 lakhs
Primary SecurityEquitable Mortgage of land & building in favoring CITO Nidhi Ltd.
Collateral SecurityCan be sought based on Property Value and Location.
Co-ApplicantCo-Applicant should be Spouse or any Blood relative acceptable to Bank.
GuaranteeA suitable Guarantor wherever a co-applicant is not available.
Loan Insurance CoverageMandatory to take the policy to the extent of loan amount with approved Insurance Company as SINGLE PREMIUM payable by the borrower (available if the borrower is interested).
Other Terms & Conditions
  • In case of Salaried Persons: Average Two years ITR/  FORM-16 and Salary certificate for the last 6 Months to be submitted along with the Salary Credit Bank Statement.
  • In case of Self Employed: Latest 2 years ITR/Income Statement to be submitted.
  • The Take Home pay after deducting the proposed Loan Installments shall be at least 25% of gross pay.
  • Loan can be sanctioned without ITRs / Income proof under Income Assessment Program
  • Loan may be granted to construction subject to commence and complete construction within 12 months period from the date of availment of the loan.
  • Legal and  Technical valuation is done by Bank empannelled officers and loan can be sanctioned subject to satisfactory report
  • Pre-Closure charges of minimum 2%, maximum 4% applicable based on Loan Period
  • Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Home Loan policy
  • PDC Cheques should be submitted
  • Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
  • Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. 
  • All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.